Sunday, October 19, 2014

Researching Life Insurance Options??

Are you researching options for Life Insurance?

Have you heard the ads on the radio and TV suggesting low cost options for Term Life Insurance or Whole Life Insurance?

Are you confused with information you have read online, or worse, information you received from a friend?  Let's face it, researching Life Insurance options that fit your particular needs is a little challenging right?

When I grew up, I was always taught "Buy Term Insurance, and invest the rest".  The "rest" led to a discussion about putting your money into Mutual Funds.  I followed and preached that message for years, until I got my insurance license and started meeting with clients that followed that direction and I saw first hand how that strategy actually worked (or didn't!) for them.

What I saw was older clients (60+), that for 20+ years, had paid monthly premiums into term insurance policies that were now expiring or, they had been notified that their premiums that were doubling or tripling, and they could no longer afford them.  An eye opener for me was to see the harsh reality of  20+ years of paying into an insurance policy with nothing to show for it!  Not to mention those Mutual Funds that didn't exactly perform the way they were advertised...

What I discovered, is that Term Life Insurance doesn't work for a lot of people, particularly when working with the 55 and over market.  I realized that I needed to find other products that fit for my clients and what I found was that basic, low cost, term life insurance is really not a good product, regardless of the age of my clients.

My recommendation, before you jump to apply for a low cost Term Insurance quote, do yourself a favor and at least look at these options:

1. Term Insurance with Return of Premium (ROP).  If you are sold on term life insurance, at least look at a product that returns your premiums to you after 15-20 years.  Yes, all of your premiums!

2. Term Insurance with Living Benefits.  This is a product that provides an option for you to use the money in your life insurance policy to pay for critical or terminal illnesses that may arise.  Good option for you to have peace of mind that you have money available should you encounter this situation.

3. Universal Life Insurance.  These are permanent insurance policies that can not only provide a death benefit for your loved ones, but they can actually provide a college savings plan and/or a retirement income plan.  Want something to show for your monthly premiums after 15-20 years?  You will be amazed at the potential benefits of these products.

4. Whole Life Insurance.  These policies are permanent insurance policies that accumulate cash value that can be borrowed against for unexpected expenses down the road.

Want to learn more?  Visit my website at:  www.moreyinsurancegroup.com   Here, I have information, videos, free downloads and links for you to check out, no strings attached.

Once you have a chance to explore some options that might work for you, give us a call and let one of our licensed agents help you navigate your options through our network of insurance carriers.  You can contact us by following this link:  Contact Morey Insurance Group